Bank of America Announces New Goal to Reduce Its Global Greenhouse
Gas Emissions by 15 Percent

Ambitious Commitment Would Result in Cumulative 30 Percent Decrease
in the Company’s Emissions Since 2004, and Includes New Corporate Real
Estate Portfolio Goal of 20 Percent LEED®-Certified
Space

May 18, 2011 12:30 PM Eastern Daylight Time

CHARLOTTE, N.C.--(BUSINESS WIRE)--Bank of America today announced an ambitious new goal to reduce its
absolute greenhouse gas (GHG) emissions by 15 percent from 2011 to 2015,
based on its 2010 baseline. This goal spans all of the company’s global
operations in more than 40 countries and builds on its previous GHG
reduction of 18 percent between 2004 and 2009, which had focused on
legacy Bank of America operations in the U.S.

Through the Environmental Protection Agency’s Climate Leaders program,
Bank of America was one of the first global financial institutions to
announce GHG emissions reduction targets in 2004, and the first to
publicly report out on exceeding those goals within the commitment
period.

Today, factoring in the addition of Countrywide and Merrill Lynch, the
new target represents an overall global reduction in aggregate GHG
emissions of more than 30 percent from the 2004 baseline. This is equal
to annual emissions of more than 700,000 metric tons CO2-equivalent
or said another way, equal to eliminating the annual GHG emissions from
more than 124,000 passenger vehicles.

Like most companies, the vast majority (90 percent) of Bank of America’s
GHG emissions derives from energy consumption. To accomplish its GHG
goal, Bank of America will focus on lowering its energy consumption by:

Improving overall equipment efficiency in areas such as HVAC and
lighting.

Optimizing office space.

Identifying and implementing emerging technologies as they become
commercially available and/or viable.

Educating employees on how they can modify their behaviors to support
the goal.

Leaders in LEED® certification

To further advance its GHG reduction goals, Bank of America also
announced today that 20 percent of its corporate workplace real estate
portfolio will be certified under the U.S. Green Building Council’s LEED®
(Leadership in Energy and Environmental Design) rating system by
2015. Currently 11 percent of the company’s workplace portfolio, 13.2
million square feet, is comprised of LEED-certified space.
LEED-certified space will include new construction, core and shell
construction, commercial interiors, retail spaces and the operations and
maintenance of existing buildings.

“Bank of America is an industry and corporate leader in applying LEED to
achieve improvement to their global corporate footprint,” said Rick
Fedrizzi, president, CEO and founding chair of the U.S. Green Building
Council (USGBC). “The company has systematically leveraged every aspect
of green building practices throughout their entire workplace building
stock to help them standardize their energy efficiency and achieve their
carbon reduction goals.”

Employee engagement

Additionally, the company recognizes the important role that employees
have in contributing to the company’s comprehensive GHG emissions
reduction goals. By instituting robust employee programs, the company is
better able to achieve this specific goal, as well as reduce its overall
indirect GHG emissions.

Through a comprehensive employee educational program, and a partnership
with the Pew Center on Global Climate Change, the company is providing
training, education and resources to help employees find ways to save
energy and money, while reducing waste, improving their workplace and
communities, and engaging with their teammates in market-specific
opportunities. Employee training sessions in 2011 will focus on overall
energy conservation, sustainable transportation, LEED building
enhancements and recycling.

Under the company’s Hybrid Vehicle Reimbursement program, eligible
U.S.-based employees can receive up to a $3,000 reimbursement toward the
purchase of a new hybrid, highway-capable electric or compressed natural
gas vehicle. Initially launched in 2007, more than 3,800 employees have
replaced conventionally powered vehicles which, on average, doubled
their fuel economy and prevented the release of nearly 4,000 tons of
annual CO2 emissions from employee commuting.

Third party partners

Bank of America also engages leading, independent partners like the Pew
Center on Global Climate Change, Carbon Disclosure Project (CDP) and
Ceres, throughout the entire lifecycle of its emissions and other
environmental goal setting, benchmarking and reporting. To track its
progress on this and other environmental commitments, the company
continues to complete CDP’s comprehensive annual carbon survey, adhere
to Global Reporting Initiative sustainability reporting standards, and
submit its GHG emissions data for independent, third-party review.

“As a global company, Bank of America is to be congratulated for its
past achievements and impressive new goal, as well as demonstrating how
effective management of their emissions and environmental footprint
makes both business and environmental sense. It is clear that the
effective management of these issues has a direct impact on a company’s
ability to compete and grow,” said Paul Simpson, chief executive
officer, Carbon Disclosure Project, a global, independent,
not-for-profit organization that monitors and encourages company
disclosure on carbon dioxide emissions. “They have made significant
progress in engaging suppliers, employees and leadership on climate
change and this announcement speaks to their long-term commitment.”

About Bank of America’s Environmental Commitment

Understanding the important role it plays in helping clients and
communities address climate change, Bank of America continues to
establish itself as an environmental leader in the financial services
sector. In 2007, Bank of America embarked on a 10-year, $20 billion
business initiative to address climate change through lending,
investments, capital markets activity, philanthropy, and its own
operations. Delivering $12.1 billion in four years to hundreds of
clients in 45 states, the District of Columbia, Canada and markets
across Asia, Europe and Latin America, Bank of America is focused on
reducing its environmental footprint while aligning its global financial
products and services to help advance energy efficiency and low-carbon
energy markets, including wind, solar, biomass, other emerging
technologies. For more information about Bank of America’s environmental
commitment, visit www.bankofamerica.com/environment.